The financial crisis scarred an entire generation of investors

Demonstrators
from Occupy Chicago, the Chicago Anti-Eviction Campaign, and
Communities United Against Foreclosures and Evictions protest
outside the regional offices of Fannie Mae on July 30, 2012, in
Chicago, Illinois.Scott Olson/Getty
Images

The last recession cut deep.

From stocks crashing to the housing market blowing up to
unemployment skyrocketing, there's a reason it was called the
Great Recession.

Additionally, this effect has become more pronounced since oil
prices have dropped. Typically, lower prices at the gas pump have
inspired people to reallocate those funds toward consumption, but
that hasn't happened this time around.

"Everyone used to love leverage, and now that's no longer the
case," said Sonders. "People have an unwillingness to take on
debt since the recession. There really is something to be said
for the muscle memory of 2008."

Instead of going through a normal cycle of deleveraging coming
out of a recession and then resuming taking on debt, Americans
have continued to pay down bills and eschew additional
debt-powered consumption.